Question
On June 1, 2019, Madagascar Corporation discounted its own P3,000,000 non-interest bearing note with Nemo Universal Bank at 10%.The note is due on May 31,
On June 1, 2019, Madagascar Corporation discounted its own P3,000,000 non-interest bearing note with Nemo Universal Bank at 10%.The note is due on May 31, 2020.Requirement:
a.Give the journal entries on June 1, 2019, December 31, 2019 and May 31, 2020.
b.Determine the carrying value of the liability as of December 31, 2019.
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Payroll Accounting 2017
Authors: Bernard J. Bieg, Judith Toland
27th edition
1305675126, 1305675124, 9781305888586, 1305888588, 978-1337734776
